Europe’s alternative trading venues gained ground on traditional stock exchanges in November, but their advance slowed despite the emergence of two new systems, as equity volumes plunged.

Four alternative venues—Chi-X Europe, Turquoise, Bats Europe and Nasdaq OMX Europe—performed 8% of all European equities trades in November, up from 7.6% in October and 6.3% in September, according to data provider Thomson Reuters.

Chi-X, which launched in March last year, remained the largest alternative system, with a market share of 5.8% in November, Thomson Reuters said.

However, its share declined from 6.1% the previous month, and turnover on the system fell to €56.8bn from €105.9bn, as fund managers across Europe retrenched and restricted access to capital.

Turquoise, a system backed by nine banks, increased its market share to 2% in November from 1.5% in October and 0.9% in September, its first month of trading.

Bats Europe, a venue operated by US stock market Bats Trading, took a 0.2% share of the European equities market in November, while Nasdaq OMX Europe took just 0.02%. Both systems launched at the end of October.

The London Stock Exchange remained Europe’s largest trading venue, performing 21% of all European equity trades across its UK and Italian markets in November.